褪去喧嚣：AI 智能体、虚实融合社区与估值水平如何重塑数字消费平台赛道.docxVIP

BeyondtheHype

Winter2025/26HowAIAgents,PhygitalCommunities,andValuationLevelsShapethe

Winter2025/26

DigitalConsumerPlatformsSector

TableofContents

01

HoulihanLokeyInsights

HoulihanLokeyInsightsonRecentTrendsandDevelopmentsWithintheBroader

DigitalConsumerPlatformsSector

04

Appendix

FurtherInformation

02

CaseStudies

FurtherInformationonRecentDealsintheDigitalConsumerPlatformsSector

03

AboutOurFirm

AboutHoulihanLokey,OurOffering,

andtheDigitalConsumerPlatformsTeam

HoulihanLokeyInsights

Houlihan

DevelopmentofForward-LookingValuationsSince2016

Stabilizationofvaluationlevelsbelowpre-pandemiclevelsafterperiodsofexceptionalvolatility.

AverageEV/EBITDA(NTM)EndofMonth

35.0x

32.5x

30.0x

27.5x

25.0x

22.5x

20.0x

17.5x

15.0x

12.5x

10.0x

7.5x

5.0x

2.5x

Jan-16toDec-19Jan-20toDec-22Jan-23toJan-26

19.6x21.0x20.0x17.7x19.9x21.0x24.4x

19.6x

21.0x

20.0x

17.7x

19.9x

21.0x

24.4x

16.9x

20.7x

22.2x

16.6x

18.3x

12.6x

16.3x

19.3x

13.9x

13.2x

12.3x

12.9x

17.4x

ConsumerSubscription

D2CandE-Commerce

Marketplaces

Classifieds/Leads

Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24Jan-25Jan-26

Source:SPCapitalIQasofJanuary31,2026.

Note:Pleaserefertopages25–29fordetailedinformationonthecompaniesincludedintheindex.

6

HoulihanLokey

HoulihanLokeyInsights

MultiplesAreStabilizingata“NewNormal”

Thevaluationlandscapefordigitalconsumer

platformshasundergoneafundamentalreset.Thestable2016–2019tradingrangeandsubsequent

COVID-19-eraexuberancehavegivenwaytoanew,moredisciplinedequilibrium,withaveragemultiplesnowstabilizingbelowpre-pandemiclevels.

Thisreflectsinvestors’structuralshiftawayfrom

speculativebenchmarks,creatingabifurcatedmarketwhereonlyscarce,“diamond”assetswith

demonstrablemark